Wausau CARES – Loan Program
Potential forgivable loan program guidelines
- Requests for potential forgivable low interest loans can be up to $20,000.00.
- If the loan is not forgiven the rate of interest will be 3% for two (2) years.
- Payments are deferred for the initial twelve (12) months after signing the promissory note.
- Interest and principal payments begin on the thirteenth (13) month through the twenty-fourth (24) month if required guidelines are not met.
- There is no prepayment penalty.
- Small business must be registered with the WDFI and located in the City of Wausau. Wisconsin.
- For every $10,000.00 borrowed, the business must rehire and/or create one job for a low-to-moderate income person. The borrower will be expected to verify their number of employees on March 25, 2020 and then at six (6) months, twelve (12) months and at twenty-four months to have the loan forgiven.
- If the borrower does NOT give MCDEVCO, Inc. job reports at six (6) and twelve (12) months the loan will NOT be forgiven and payments of interest and principal will be due for the next twelve (12) months to repay the loan to the City of Wausau CARES Act.
- Must have ten (10) or less employees on March 25, 2020 or prior to COVID-19 to apply for the loan.
- Cannot use the funds for duplication of expenses from other funding such as from the SBA programs (EIDL and PPP), WEDC’s 20/20 Small Business, another financial institution, repayment of previous debt, and/or funds received from an insurance claim. Must fill out a duplication of services affidavit form.
- All loans taken out for inventory must provide MCDEVCO with receipts of inventory within the first six (6) months.
Eligible Activities for the Potential Forgivable Loan
The following types of activities are eligible for use of the disaster loan funds:
- Re-hiring employees.
- Inventory to reopen business.
- Start-up funds.
- Disinfecting/cleaning of work-spaces and building.
- Marketing/advertising of business related to COVID-19.
- Working capital.
- Provide protective equipment to staff and/or clients.
- Cover past due payables.
- Other (to be applicant-specified for COVID-19 related costs).
Businesses affected by COVID-19 at any stage are welcome to make applications through MCDEVCO until the funds are depleted.
Application and Review Process
- A business in the City of Wausau that has been negatively affected by COVID-19 can apply for loan up to $20,000.00.
- Fill out your application online along with a personal financial statement and duplication of services affidavit.
- MCDEVCO and their loan committee, or outside consultants; as needed will review the submitted application materials and contact applicant for additional materials, if necessary.
- MCDEVCO staff will notify the applicant of the approval/denial of their loan status.
- If approved, applicant will receive a commitment letter from MCDEVCO, Inc. outlying the terms of the loan, which will need to be signed and returned before or at the time of the loan closing and funds disbursed.
No applicant may be denied a grant and/or a forgivable loan on the basis of race, color, national origin, religion, age, handicap, sexual orientation, familial status or sex.
TO BEGIN THE PROCESS OF FILLING OUT YOUR APPLICATION PLEASE SUBMIT THE CONTACT FORM BELOW FOR MCDEVCO TO SEND YOU A PASSWORD! (Note – Our office hours are Monday – Friday 7:30am – 4:00pm.)
After you receive your password start your application process here.
Note that once you begin the process of filling out your application it can not be saved – you have to completed at one setting. The application should take between 30 and 60 minutes. Complete your financial statement first and make it into a PDF to upload to the end of your loan application along with required documents (articles of incorporation & bylaws – if you have them and most current tax return or financial statement). Make sure that you have all of your business information such as EIN or Social Security Number, any other COVID-19 payments that you have received, articles of incorporation, last filed taxes, etc before you begin.
Click Here and fill out the City of Wausau – Duplication of Services Affidavit.
After completing the Duplication of Service Affidavit – please print it off as it needs to be notarized. The notarized form along with any other documents can be mailed or dropped off at MCDEVCO’s office located at 1415 Merrill Ave, Ste. 140, Wausau, WI 54401. (Forms can be notarized at MCDEVCO by APPOINTMENT only.)
Thank you for your application. MCDEVCO will contact you shortly.